AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 6.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 494,944 shares of the company's stock after buying an additional 29,781 shares during the period. Envestnet Asset Management Inc. owned 0.24% of AvidXchange worth $4,197,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AVDX. Versant Capital Management Inc raised its holdings in shares of AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock worth $33,000 after purchasing an additional 3,437 shares during the period. GAMMA Investing LLC raised its holdings in shares of AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after buying an additional 3,634 shares during the period. Quarry LP raised its holdings in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after buying an additional 3,083 shares during the period. Eastover Investment Advisors LLC purchased a new stake in shares of AvidXchange during the 1st quarter valued at about $90,000. Finally, 111 Capital purchased a new stake in shares of AvidXchange during the 4th quarter valued at about $111,000. 80.58% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 25,972 shares of AvidXchange stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the completion of the sale, the president directly owned 1,167,186 shares of the company's stock, valued at $11,368,391.64. The trade was a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Praeger sold 40,005 shares of AvidXchange stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the sale, the chief executive officer directly owned 11,037,830 shares of the company's stock, valued at approximately $107,508,464.20. This trade represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,890 shares of company stock worth $933,969. Insiders own 11.10% of the company's stock.

AvidXchange Trading Up 0.1%

Shares of AVDX opened at $9.87 on Friday. The stock has a fifty day moving average price of $9.80 and a two-hundred day moving average price of $9.18. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.89. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 986.00 and a beta of 1.20.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AVDX shares. Morgan Stanley lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Keefe, Bruyette & Woods lifted their price objective on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a report on Monday, March 31st. Robert W. Baird reiterated a "neutral" rating and issued a $10.00 target price on shares of AvidXchange in a research report on Thursday, May 8th. Susquehanna lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Baird R W lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $10.30.

AvidXchange Company Profile

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.

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